SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 13, 1997
HBANCORPORATION, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27700 37-1351506
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
619 12th Street, Lawrenceville, Illinois 62439
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (618) 943-2515
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
HBancorporation, Inc. issued a press release dated May 13, 1997,
attached hereto as Exhibit 28.1, announcing the initiation of a stock repurchase
program.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated May 13, 1997.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
HERITAGE FINANCIAL CORPORATION
Date: May 13, 1997 By: /s/ Kevin J. Kavanaugh
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Kevin J. Kavanaugh
President and Chief Executive Officer
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Exhibit 28.1
HBANCORPORATION, INC.
618 12th Street
Lawrenceville, Illinois 62439
PRESS RELEASE
FOR MORE INFORMATION FOR IMMEDIATE RELEASE
Contact: Kevin J. Kavanaugh, President Date: May 13, 1997
at (618) 943-2515
HBANCORPORATION, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Lawrenceville, Illinois, May 13, 1997 - HBancorporation, Inc. announced
its intention today to repurchase up to 17% of its outstanding shares in the
open market over the next twelve-months. These shares will be purchased at
prevailing market prices from time to time over a twelve-month period depending
upon market conditions.
Kevin J. Kavanaugh, President of the Company, indicated that the Board
of Directors approved the repurchase program in view of the current price level
of the Company's common stock, the strong capital position of the Company's
subsidiary, Heritage National Bank, and the need to fund the recently
stockholder approved Recognition and Retention Plan (RRP). Mr. Kavanaugh stated
that "we believe that the repurchase of our shares represents an attractive
investment opportunity which will benefit the Company and our stockholders. The
repurchased shares will become treasury shares and will be used for general
corporate purposes, including the issuance of shares in connection with grants
and awards under the Company's stock based benefit plans."
The repurchase program will be executed through Friedman, Billings,
Ramsey & Company, Inc.
The Company's common stock is traded on the "pink sheets" published by
the National Quotation Bureau, Inc. and its common stock is traded on the Nasdaq
Bulletin Board System under the symbol "HBIN."
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